Meaning: -Entrepreneurs is regarded as the ‘captain of an
industry’ it is the Entrepreneurs who co-ordinates or combines, organise
different factors of production. He not only organises, but also control
directs supervises and administers the productive activities. Thus, the work of
Entrepreneurs is rather tough complex and complicated. So, it requires special
ability and experience.
An efficient and successful Entrepreneur
must possess the following qualities.
1. Efficiency: -He should be highly intelligent, able and efficient
so as to tackle day to day problems arising in business.
2. Organisation: - He should be a good organiser. He
should have the ability to combine al factors of production optimally i.e. in
such a way that the cost of production is minimum. Thus he should be a well
co-ordinator.
3. Supervision: -He should be an efficient supervisor. He should be
well equipped with supervising the working of factors inputs. He should be a
good initiator of business. He should put right person in a right job.
4. Policy Maker: - He should be a good policy maker. He
should be able to make entire business policies such as policy regarding input,
size of the firm, sales, advertisement payments of remuneration to the factors
etc.
5. Decision Maker: -He should be a quick decision maker. He
should have the capacity to take quick decisions regarding location of
industry, investment, product to be produced, price of it, cost of production,
nature of production sales, etc. because delay in taking decision may result in
financial losses to the firm.
6. Self Confident: -He should be confident and should be able
to develop confidence in others regarding his integrity and honesty of purpose.
It will help in building up and marinating good will and reputation to his firm
in the market.
7. Innovator: -He should be a good innovator. He should introduce
new techniques of production which minimise cost of production and should
explore new raw material and market for his product.
